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Cashfac works with professional services firms such as Legal, Insolvency and Accountancy services firms to provide flawless management of the entire client money lifecycle; from the identification, physical separation and protection of client money funds into dedicated client trust accounts.
Client, Trust and Escrow accounts are securely opened and named in accordance with regulation and internal protocol. The solution actively manages any number of designated client money bank accounts as well as pooled client money accounts.
All accounts are bank-active; virtual account extensions to live bank accounts allowing payments and internal transfers to be originated directly from client accounts. Statements for all client accounts are instantly available on line continuously and fully up to date.
Cashfac Law & Trust provides a structured client managed account environment which is bank interactive and integrated with electronic bank account management to enable straight through processing of receipts and payments. The service does not assume settlement, it pro-actively monitors the clearing of transactions and physically checks the clearing status of every payment.
The service safeguards a history of daily balances and statements of every client account and bank account and is able to provide real time updates to a continuous 7+ year audit trail of account actions, transactions, authorizations and rejections, and user actions.